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Luxury Homes Are Cream Of Crop In Sales, Price Gains

…In Manhattan, home to more multimillion-dollar homes than just about anywhere in the U.S., the luxury market is moving at the fastest pace since Lehman Bros. collapsed in 2008, said Douglas Elliman Real Estate in a third-quarter sales overview….

…The average sale price of a luxury co-op or condo in Manhattan was $5.4 million, up 3% from the second quarter but up a little less than 1% from a year earlier, Elliman said.

In Miami, fueled by a lot of wealthy international buyers and New Yorkers, the average price of a luxury condo rose 6.4% year over year in the third quarter to nearly $1.5 million, said another Elliman report, released Thursday. Sales jumped 18.6% and days on the market fell 7% to 57….

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